DON’T BUY AN NFT UNTIL YOU READ THIS 🧵

NFT volume is at an all time high. Every day another “blue-chip” project with 100k discord members emerges. How do you know which teams to trust, or whether to flip, hodl, or ⚰️🤲 your NFT? You need to understand this one thing…

Every project in this space starts off virtually the same, with three core elements;

1. Team
2. IP
3. Community

Notice how “product” and “business plan”, two core features of any traditional business, aren’t on this list.

By leaving the two most valuable parts of a business out, a founding team with a compelling idea can incentivize a community to work and add a ton of value to their project… as long as that community gets value in return.

Make the customer your partner, buidl together, profit?

The problem with this way of building is that for every BAYC, there are 10,000 failures and each one looks the same on launch. No product or business plan to guide an eager buyer so where can one begin?

So what NFTs should you buy?

Find projects that are working towards a business plan, that have leadership who can scale, and a desire to create products. It’s okay to start without key parts of a business, but it’s not okay if they aren’t the team and communities top priority.